The 2004 ICC Champions Trophy was launched on Monday

The fourth edition of the limited-overs tournament, second to the World Cup in prestige, was launched on Monday.

"There's a great incentive for Australia to win," said Ponting.

"It's one trophy we haven't been able to get our hands on and we haven't played anything like our best cricket in past events."

We keep drawing Australia, which is a bit of a drag NZ captain Stephen Fleming

Ponting's side only reached the semi-final stage the last time the competition was held, in Sri Lanka in 2002. The hosts and India shared the trophy after a rain-hit final.

ICC president Ehsan Mani played down fears over late-season conditions in the UK.

"I know that some people are wary that we have scheduled a cricket event in England in September," he admitted.

"Our research has shown that it is England's fourth warmest month and we have amended the playing conditions to give us every chance of matches being completed.

"All games have scheduled reserve days and, unlike two years ago, matches will be continued the following day rather than replayed in the event of showers or bad light.

ICC Champions Trophy: Full fixture list

Australia beat New Zealand in a group match last time and the Black Caps will have beat their neighbours again to claim the title they won in Kenya four years ago.

"We keep drawing Australia, which is a bit of a drag, but we are looking forward to the match," said skipper Stephen Fleming.

"We know if we are going to win it again we are going to have to beat them so it is better to play them early on."

He added: "When we won it, it was the biggest pay-out in cricket so it was important financially and personally, to be in charge of the winning team was very uplifting.